Bitcoin is rising as the Pound is going South

There was a massive 1 billion Bitcoin whale transaction, which has been making the waves in the cryptocurrency market.

One of the analysts stated that the majority of the transactions came from the Huobi Wallets, he said, “Our team is looking into the validity of the claim.”

The price of the Bitcoin changed from $10,569 to $10,790, and it has been following the path of the $780 million BTC move of the past week. Several others suggest that this move was due to a deposit into the Baakkt warehouse product which was liquidated from the Ponzi Scheme associated with PlusToken.

One of the Tweets read: “$1 Billion+ $BTC was transferred in one transaction yesterday. Where did that come from? We took a look and saw that a large percentage of it could be traced to @HuobiGlobal addresses.”

“It’s no coincidence that Bitcoin has risen as the Pound has gone south.”

Kevin Collier tweeted: I have never seen such a fantastic example of how insane cryptocurrency media is than the fact that MULTIPLE outlets have written articles based solely on misunderstanding @WilliamTurton referencing NSA cryptography in a single tweet.”

William Turton tweet doing the rounds was about the NSA’s director has stated that the agency will propose hardware and software standards again. He further noted that the agency is working towards building quantum-resistant crypto. This meant that it was about codes which had algorithms which were resistant to attacks from quantum computers. However, the tweet was delivered as a different story, and several other crypto outlets spread the story. Eventually, the hasty article was deleted.

Over the past 24 hours, Bitcoin has been down by 2.03 %, and Ripple as well leads the trend.

Analysts opine that BTC is ready to launch its next price move towards the uptrend. The BTC has been sustaining above the moving averages for over the past three days. The bulls are continuing their purchases at higher levels as the expectation of a bullish rally are high. The RSI is on the positive territory slowing some slight advantage to the bulls. If the prices would reverse and move to the downtrend line and break below the moving average, then this movement is likely to be range-bound for a few more days.

The ETH/USD pair would start a new uptrend, and we might have to wait for the price to sustain beyond $183.